Why Google (and investors) shouldn't care about its quarterly results

As the best players in baseball hit the field tonight in Minneapolis, the All-Stars of the investing world are coming up to the plate this week as earnings season rolls on. In tech, Google (GOOGL) is putting the final touches on its Q2 earnings report which will be out this Thursday. Aside from its monster search ad business, the street will be closely following mobile ad growth and whether its new products are getting any traction.

Will Google satisfy Wall Street’s aggressive profit expectations? For buy and hold investors, is there any room for this giant to grow? In the attached video, Yahoo Finance interactive editor Phil Pearlman says what we have here is “a tale of two tapes.”

The Earnings Report (AKA the Short Game)

In the short term, the earnings report in Pearlman’s mind is the myopic view of Google and its business. “They're supposed to do $16 billion top line. That’s what everyone’s going to be focused on,” he says.

Then there’s the all-important share coming from mobile, where Google has its anchor in the smartphone sea, Android OS. “Everyone’s going to be focused on mobile and their percentage share of revenue and earnings that that’s contributing,” Pearlman notes. “They need to play catch up there and get to 50% or beyond the way that Facebook (FB) is.”

Playing the Long Game

For Pearlman and other Google bulls, it’s the focus on the long term that separates it from the others in the space. Pearlman notes buying shares in Google is a bet on the geniuses that are Larry Page and Sergey Brin.

“Google has been able to maintain this view, 'we’re going to look out three to five years, the long-term time perspective,'” he says, sometimes to Wall Street’s chagrin. The focus on what’s next and not sitting on their hands while the world changes is what Pearlman believes will make Google a top long-term tech bet for investors. “The drivable cars, they’re working on health and technology, incredible potential for innovation,” he says. “That’s really where their mindshare is at.”